Broker safety · The desk explainer
Calling a broker a scam is a serious claim, and often a wrong one. Before you do, run these checks. Most of the time the issue is a process problem, an unmet condition, or a misunderstanding, not fraud.
Run these checks first
- Is the entity licensed? Check the regulator register directly
- Is your verification (KYC) actually complete?
- Did you accept a bonus with conditions you have not met?
- Are you withdrawing to the same method and name you deposited with?
- Is the complaint recent, or an old issue that may be resolved?
Process problem vs genuine fraud
A slow withdrawal, a margin call, or a spread that widened in news is a process or market issue, not fraud. Genuine red flags are an unlicensed entity, refusal to return verified funds, or pressure tactics. Know the difference before you make a public claim.
If you still think something is wrong
Raise a formal complaint with the broker, then the regulator if the entity is licensed. Keep records. Run the broker through the Broker Safety Checker for a structured read.
FAQ
How do I know if a broker is actually a scam?
Genuine red flags are no verifiable licence, refusal to return verified funds, and pressure tactics. A single bad experience is usually a process issue. Verify the licence first.
Can I get my money back from a broker?
If the entity is regulated, the regulator’s complaints process is your route. Complete verification and keep records of every request.